Fifth Ave Apartment Sells for $31.5 Million
A 5th Avenue Co-op building posted one of the largest residential sales this year in New York when the unit sold for $31.5 Million according to the New York Times. The 6 bedroom apartment takes up the entire 9th floor on the exclusive post-war co-op building. The trend indicates that many high end buyers in New York are looking at co-op buildings over newer condominium projects. The buyer, Zachary Schrieber, is the Managing Director of Duquesne Capital Management and is moving from an equally impressive address at 15 Central Park West.
The seller of the 5th Avenue property is George Blumenthal, who purchased the property in 1995 for $5.7 Million.
Local real estate agents says that there is a real disconnect between condo buyer and co-op buyers. Most co-op buyers prefer the more spacious pre-war construction over newer condominiums. Many co-op building are more exclusive since the co-op board must approve the purchase by the new buyer. Many high end buyer prefer the exclusive approvals required in co-op building as a way screening future residences.